DGAP-News: Masterflex AG / Key word(s): Final Results
Masterflex AG: Markedly good 2011 financial year as a foundation for
long-term value-oriented growth
29.03.2012 / 10:30
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Masterflex AG: Markedly good 2011 financial year as a foundation for
long-term value-oriented growth
- Provisional figures confirmed: Revenue EUR 53.0 million,
EBIT margin 14.2%
- Net profit for the year of EUR 3.9 million
- Earnings per share at EUR 0.44
- Outlook for anniversary year 2012: Revenue EUR 57 - 58 million,
EBIT EUR 8 million
- Long-term goal: Global market leader for connection solutions
Gelsenkirchen, 29 March 2012 - Masterflex AG, the specialist for high-tech
hoses and connector systems, continued its extremely positive business
development in 2011 and reported net profit for the year of EUR 3.9 million
(previous year: EUR -2.3 million) following the successful completion of
the restructuring. CEO Dr Andreas Bastin: 'Our business has again provided
impressive evidence of its strengths and profitability in the past twelve
months. We also used the first year following our refocusing to set the
course for sustainable, value-oriented growth. Masterflex will grow, but
not at any cost, rather profitably and in the long-term. Our goal: we want
to become the global market leader in the specialist connector system
market.'
At today's financials press conference, Masterflex confirmed the
pre-publication provisional figures for the 2011 financial year. Revenue
increased from EUR 46.1 million to EUR 53.0 million (+15.1%). Operating
earnings before interest and taxes (EBIT) increased by 16.4% from EUR 6.4
million (2010) to EUR 7.5 million. Earnings are thus significantly higher
than the self-set target of EUR 7.0 million. Overall consolidated net
income was positive again with a contribution of EUR 4.1 million (previous
year: EUR -2.2 million), of which EUR 3.9 million is allotted to the
Masterflex shareholders. Due to a positive non-recurring effect in the
previous year (debt waiver from banks of EUR 10.2 million in 2010),
earnings from continued business units at EUR 4.3 million this year are
below those of the previous year (EUR 8.1 million). For the same reason,
the return on sales of 17.6% (2010) decreased to 8.0% in 2011.
Thanks to the net income for the year, the equity ratio climbed
significantly to 31.9% as against 18.6% in the previous year. At this level
the equity ratio is already above the level that Masterflex had determined
as a medium-term target just one year ago. Earnings per share moved into
positive territory (previous year: EUR -0.49) and now stand at EUR 0.44.
In the past year, the last traces of the failed diversification of the last
decade were eliminated. All Mobility activities were disposed of in 2011.
With that, Masterflex is now finally a company concentrating purely on
business with high-tech connectors. The legal dispute with a bank, senior
shareholders and an insurance company from this time was also successfully
concluded in an out-of-court settlement and with non-operating earnings of
EUR 0.9 million. Moreover, the new shares from the 2010 capital increase
were admitted for stock exchange trading in June 2011.
In addition, Masterflex continued its internationalisation. After the sales
launch in the Czech Republic in summer 2011, the first steps were taken
towards Asia and China in particular. Alongside formalities such as
founding the necessary companies, managers and the first members of staff
were recruited. The location issues were also clarified: the holding
company and the sales team for Asia is established in Singapore; a regional
sales office and production site will start work in Chinese Kunshan in the
course of 2012.
In addition, the strategic orientation of Masterflex was advanced on the
basis of extensive market research. CEO Bastin: 'Masterflex sees itself as
a provider of solutions for connection problems. Our vision is global
market leadership in all the specialist markets addressed for this purpose.
To achieve this, we offer customised, sophisticated products with added
value for our customers. Our sales team works on the basis of high levels
of expertise in terms of the application of these products. This
consultation-oriented specialist market strategy differentiates us from
other hose manufacturers.'
The first steps down this long-term road have already been taken. Bastin:
'Despite heightened uncertainty over economic development, we have started
2012 with a tailwind. Our future prospects are good, since we are ideally
positioned thanks to our materials and innovation expertise. And we are
delighted by every shareholder who wants to accompany us on our journey to
the top.'
|[![CDATA[|[pre|]]]|]
31.12.2011 31.12- Cha-
.2010 nge
Consolidated revenue (EUR 52,999 46,057 15.1%
thousand)
EBITDA (EUR thousand) 9,964 9,114 9.3%
EBIT (EUR thousand) 7,499 6,445 16.4%
EBT (EUR thousand) 5,261 3,104 69.5%
Consolidated earnings from continued business 4,256 8,100 -
units (EUR thousand) 47.5%
Consolidated earnings from discontinued -114 -10,267 98.9%
business units (EUR thousand)
Consolidated net income/loss (EUR thousand) 3,883 -2,333 -
Consolidated equity (EUR 16,239 12,213 33.0%
thousand)
Consolidated equity ratio 31.9% 18.6% -
Consolidated total assets (EUR thousand) 50,930 65,416 -
22.1%
Employees 448 397 12.8%
EBIT margin 14.2% 14.0%
Return on sales 8.0% 17.6%
Consolidated earnings per share (EUR)
from continued business units 0.45 1.67 -
73.1%
from discontinued business units -0.01 -2.16 99.5%
from continued and discontinued business 0.44 -0.49
units
|[![CDATA[|[/pre|]]]|]
For any questions, please contact Dr. Annette Littmann, phone +49 209 970
77 44 and Email annette.littmann@masterflex.de.
End of Corporate News
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Language: English
Company: Masterflex AG
Willy-Brandt-Allee 300
45891 Gelsenkirchen
Germany
Phone: +49 (0)209 97077-44
Fax: +49 (0)209 97077-20
E-mail: annette.littmann@masterflex.de
Internet: www.masterflex.de
ISIN: DE0005492938
WKN: 549 293
Indices: Prime all share
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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162854 29.03.2012
DGAP-News: Masterflex AG: Markedly good 2011 financial year as a foundation for long-term value-oriented growth
| Source: EQS Group AG